A brand-new fintech company which I was introduced to previously this year. Revolut Vs Currensea…
It has won a few awards over current months for what it does (providing you an affordable way to spend abroad) however what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing bank account. There is absolutely nothing to top-up or prepay. You simply invest as you would on a typical debit card and the money is taken from your bank account– simply without the usual 3% charge.
Oh, and is totally free to apply for, which also assists.
There are also some fascinating travel advantages if you choose a paid strategy, but the complimentary strategy works fine. You can apply here.
There is a company model in fintech which Curve, Revolut, Monzo etc have all followed:
launch by doing something well, and totally free or more affordable than the competition
include more and more features which your existing clients do not really want or require
include limitations, charges or charges to the function that made people get your item in the first place, getting rid of any competitive advantage
is presently still in Stage 1 of this procedure and will ideally remain there. Revolut, curve and monzo are already in Stage 3 …
is simple enough that it passes my ‘Can you discuss it to your mate in the club in 30 seconds?’ test:
What countries can I use Currensea? Revolut Vs Currensea
It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You do not (yet …) earn any airline company miles or points for utilizing it.
Why would I want to get a card?
If you have a charge card offering 0% foreign exchange charges, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which provide rewards and charge 0% FX costs are few and far in between. The only ‘miles and points’ alternatives which provide a partial option are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a credit card offering 0% FX costs and do not want to impact your credit report by getting another credit card particularly to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals each month without any fees and just a very little FX mark-up (there is a little cost beyond , 500).
you desire an item for you, your adult kids, moms and dads, partner or anybody else in your life who needs a basic, easy to understand payment card that will conserve them money when travelling.
How does operate in practice?
It is, as I said previously, a very simple process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in local currency (any currency, internationally).
Your bank account bank instantly verifies that you have enough cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card, includes a 0.5% fee. There are no costs if you have one of their paid cards.
You get an automated spend notice by means of the app, if you select to install it.
The money is taken from your bank account a couple of days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a couple of days later on:.
Transforming pounds was expensive.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is practically to happen (frequently in a different language) while not telling you about the inflated currency conversion charges taking place in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other terrific cards Currensea assures huge savings (85%) and an excellent app.
But I think the best bit might be what no other card does: connects to your existing high street savings account.
What this means is you can invest cash you have in your existing bank account with less worry about lacking cash and the additional action. That does not indicate it is best.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a nominal FX markup on our Essential Plan of 0.5% per transaction, allowing us to make earnings from our Important Strategy whilst staying more affordable than other pre-paid cards and high-street debit cards. We also charge an FX markup on ATM use over the totally free quantity on all our strategies, full details can be found on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Plan, and , 120 for our Elite Plan. The subscription cost likewise removes all FX markup on transactions.
Each time you spend with your card we receive a small % of the deal, called interchange, this comes directly from the merchant and will not be credited you. Revolut Vs Currensea